PNB Gilts Limited (PNBGILTS) AI Stock Analysis

• Market Cap: ₹16.27B
• Dividend Yield: 1.18%
• Average Volume (3M): 43.27K
• Price to Earnings (P/E): 9.1
• Beta (1Y): 1.70
• Revenue Growth: -10.05%
• EPS Growth: -18.64%
• Country: IN
• Employees: 52
• Sector: Financial
• Sector Strength: 70
• Industry: Financial - Capital Markets
• EPS (TTM): -2.52
• Shares Outstanding: 180,010,130
• 10 Day Avg. Volume: 44,866
• 30 Day Avg. Volume: 43,271
• PEG Ratio: 0.03
• Price to Book (P/B): 0.98
• Price to Sales (P/S): 4.17
• P/FCF Ratio: -7.68
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: Hold
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 55 Neutral
• Price Target: ₹90.00 ▲(6.04% Upside)

PNB Gilts Limited's overall stock score is primarily influenced by its financial performance and valuation. Strong operational efficiency is offset by significant challenges in revenue growth and cash flow management. The stock's low P/E ratio suggests potential undervaluation, but technical indicators point to bearish momentum. The absence of recent earnings call data and corporate events limits additional insights.

Positive Factors

Operational Efficiency

High gross and EBIT margins indicate effective cost management and operational strength, providing a competitive edge in maintaining profitability.

Return on Equity Improvement

Improved ROE suggests better utilization of equity capital, enhancing shareholder value and indicating potential for sustained financial performance.

Gross Profit Margin

Consistently high gross profit margins reflect strong pricing power and cost control, supporting long-term profitability and competitive positioning.

Negative Factors

Revenue Decline

Inconsistent revenue growth and recent decline pose risks to long-term financial stability and market competitiveness, requiring strategic adjustments.

High Leverage

Significant leverage increases financial risk, potentially limiting flexibility in operations and investments, impacting long-term sustainability.

Cash Flow Challenges

Persistent cash flow inefficiencies hinder the company's ability to fund operations and growth initiatives, posing a risk to financial health.

PNB Gilts Limited Business Overview & Revenue Model

Company Description

PNB Gilts Limited (PNBGILTS) is a premier financial services company in India, primarily engaged in the business of dealing in government securities, treasury bills, and other fixed-income instruments. As a subsidiary of Punjab National Bank, it operates within the financial services sector, focusing on providing investment and trading services related to gilts and other debt instruments. The company offers a range of products, including market-making in government securities, portfolio management services, and advisory services for institutional and retail investors.

How the Company Makes Money

PNB Gilts generates revenue through several key streams, primarily from the buying and selling of government securities and other fixed-income products. The company earns income through the differences in the buying and selling prices (spread) of these securities. Additionally, it derives revenue from its market-making activities, where it facilitates transactions and provides liquidity in the bond market. The company also earns fees from portfolio management and advisory services offered to clients, including institutional investors and high-net-worth individuals. Strategic partnerships with financial institutions and participation in government auctions further enhance its revenue potential, while the overall interest rate environment and government policies significantly influence its profitability.

PNB Gilts Limited Financial Statement Overview

Summary

PNB Gilts Limited shows strong operational efficiency with high gross and EBIT margins. However, challenges with revenue growth, cash flow management, and high leverage pose financial risks. Recent improvements in ROE are positive, but the company needs to address cash flow issues and stabilize revenue growth.

Income Statement

PNB Gilts Limited shows strong gross profit margins consistently above 97%, indicating efficient cost management. However, the net profit margin has been volatile, with a significant drop in 2023 due to a net loss. Revenue growth has been inconsistent, with a decline in 2025. The EBIT and EBITDA margins are robust, reflecting operational efficiency, but the recent revenue decline is a concern.

Balance Sheet

The company has a high debt-to-equity ratio, peaking at over 16 in 2024, indicating significant leverage and potential financial risk. Return on equity has fluctuated, with a negative ROE in 2023, but improved to 15% in 2025. The equity ratio remains low, suggesting reliance on debt financing.

Cash Flow

PNB Gilts Limited faces challenges with negative operating and free cash flows over the years, indicating cash management issues. The free cash flow to net income ratio is consistently around 1, but the operating cash flow to net income ratio is negative, highlighting cash flow inefficiencies.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	16.79B	15.56B	13.83B	9.50B	8.43B	10.63B
Gross Profit	16.40B	15.23B	13.51B	9.28B	8.19B	10.43B
EBITDA	17.38B	16.27B	15.26B	8.89B	7.22B	10.11B
Net Income	3.40B	2.33B	694.11M	-772.22M	1.66B	4.54B
Balance Sheet
Total Assets	0.00	247.03B	245.40B	214.97B	167.50B	121.40B
Cash, Cash Equivalents and Short-Term Investments	0.00	231.34B	222.17B	150.13B	133.94B	110.69B
Total Debt	0.00	223.84B	224.03B	384.81B	145.33B	197.28B
Total Liabilities	-15.45B	231.57B	232.10B	202.37B	153.23B	108.23B
Stockholders Equity	15.45B	15.45B	13.30B	12.60B	14.27B	13.16B
Cash Flow
Free Cash Flow	0.00	-1.98B	-28.77B	-46.53B	-45.64B	24.81B
Operating Cash Flow	0.00	-1.97B	-28.75B	-46.38B	-45.64B	24.83B
Investing Cash Flow	0.00	-9.75M	-10.47M	-144.23M	-6.31M	-12.09M
Financing Cash Flow	0.00	-378.88M	31.59B	46.18B	46.13B	-24.81B

PNB Gilts Limited Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 84.87
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:PNBGILTS, the sentiment is Negative. The current price of 84.87 is below the 20-day moving average (MA) of 86.37, below the 50-day MA of 92.08, and below the 200-day MA of 93.82, indicating a bearish trend. The MACD of -2.17 indicates Negative momentum. The RSI at 36.59 is Neutral, neither overbought nor oversold. The STOCH value of 31.24 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:PNBGILTS.

PNB Gilts Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
ARMANFIN	68 Neutral	₹17.06B	274.81	―	―	-6.03%	-100.77%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
SMCGLOBAL	63 Neutral	₹14.04B	14.36	―	1.01%	-5.03%	-54.73%
TFCILTD	58 Neutral	₹32.40B	29.73	―	0.91%	5.73%	12.29%
PNBGILTS	55 Neutral	₹16.27B	9.06	―	1.18%	-10.05%	-18.64%

PNB Gilts Limited Corporate Events

PNB Gilts Announces Trading Window Closure Ahead of Financial Results

PNB Gilts Limited has announced the closure of its trading window from October 1, 2025, until 48 hours after the release of its financial results for the quarter and half-year ending September 30, 2025. This measure, in compliance with SEBI regulations, is aimed at preventing insider trading and ensuring transparency in the company’s operations.

PNB Gilts Launches ‘Saksham Niveshak’ Campaign to Engage Shareholders

PNB Gilts Limited has launched a 100-day campaign named ‘Saksham Niveshak’ to encourage shareholders to claim unpaid dividends and update their KYC details. This initiative aims to prevent the transfer of unclaimed dividends to the Investor Education and Protection Fund, thereby promoting transparency and empowering investors by facilitating direct claims processing.